DRAFT RESOLUTION

That By-law No. 1221, cited as the "Real Property Purchase Short

Term Borrowing By-law, 1973, No. 1221" which received second reading on

November 27th, 1572 be amended by striking out Sections 1 and 2 thereof

and inserting the following in place thereof:

"1. The Council is hereby authorized and empowered to borrow upon

the credit of The Corporation of the City of Port Coquitlam

from the Royal Bank of Canada the sum of One Hundred fifty

thousand ($150,000.00) Dollars at such times as may be required

for the pucpose hereinbefore recited and to pay interest thereon

at a rate cf Six percentum (6%) per annum.

2. There shall be raised and levied during the currency of the

obligation hereby created by a rate sufficient therefore over

and above all other rates upon all land and improvements subject

to taxation for general municipal purposes in the municipality

for the repayment of the debt and the payment of the interest

thereon in the respective years the amount as follows:

Year Principal Interest Total
§ $ $

1973 7,500.00 7,500.00
1974 26,000.00 8,220.00 34,220.00
1975 28 ,000.00 6,600.00 34,600.00
1976 30,000.00: 4,860.00 34,860.00
1977 32,000.00 3,000.00 35,000.00
1978 34,000.00 340.00 34,340.00"

AND THAT By-law No, 1221 be read a third tine.